Karachi: The Lasbela Chamber of Commerce and Industry (LCCI) has hailed the European Union’s grant of GSP Plus status to Pakistan terming it a blessing for country’s value-added sector especially textile exports.
In a statement LCCI President Ismail Suttar said that Pakistan was most deserving for this status as our exports were fast declining due to internal and external reasons particularly law and order situation and increase in cost of production and top of it we have to pay 11.5 per cent duty on access to the European market as compared to duty free access to Bangladesh and Sri Lanka.
He hoped that the new development would bring positive change and boost textile exports to the 27 European destinations. He lauded the efforts of Minister of Estate on Commerce Khurram Dastgir for getting this status from EU. He hoped that minister would strive further to fully utilize this tariff concession by giving level playing field to the exporters in the shape of utilities and infrastructural facilities.
He now appealed to the government to improve the supply of gas and electricity to the textile industry in order to realise the full potential of the GSP Plus advantage as without this the advantage cannot be achieved. He also suggested that the government come up with a scheme of concessional finance facility for new projects and expansions that set up their own power generation based on fuel other than gas so that new capacity may be developed in the country.